please refer to requirments.

P9-59B (book/static) Question Help The notes to the Alliance Ltd, financial statements reported the following data on December 31, Year 1 (end of the fiscal year) (Click the icon to view the financial statement data.) Alliance amortizes bond discounts using the effective-interest method and pays all interest amounts at December 31 Read the requirements Requirement 1. Assume the market interest rate is 7% on January 1 of year 1, the date the bonds are issued. (Round your answers to the nearest whole dollar.) a. Using the PV function in Excel, what is the issue price of the bonds? The issue price of the bonds is $ Enter any number in the edit fields and then click Check Answer 10 parts Clear All Check Answer remaining At a ance Ltd, find o view the full bond discour - X Data Table ents ssume the me he nearest $2,000,000 2 Note 6. Indebtedness Bonds payable, 3% due on December 31, Year 8 Less: Discount Notes payable, 7%, payable in $50,000 annual installments starting in Year 5 2 nction in Excel the bonds is 300,000 Print Done er in the edit fields and then click Check Answer. Clear All o 2 a mente reported the following data on December 21 Year 1 land of the fiscalivar mer - X Requirements effel strate Hollar) a. the is hin. Assume the market interest rate is 7% on January 1 of year 1, the date the bonds are issued Using the PV function in Excel, what is the issue price of the bonds? b. What is the maturity value of the bonds? c. What is Alliance's annual cash interest payment on the bonds? d. What is the carrying amount of the bonds at December 31, year 1? 2. Prepare an amortization table through December 31, Year 4 for the bonds. How much is Alliance's interest expense on the bonds for the year ended December 31, Year 4? 3. Show how Alliance would report these bonds and notes payable at December 31, Year 4. Print Done then c Clear All CO e